Six Israeli engineers who worked for National Semiconductor Israel will receive $830,000 for their shares in the company.
Six Israeli engineers who worked for National Semiconductor Corporation (NYSE: NSM) subsidiary National Semiconductor Israel Ltd. will receive $830,000 for their shares in the company as part of a settlement that ends a six-year dispute.
Three months ago, the Tel Aviv District Labor Court ruled that the six engineers were eligible for National Semiconductor shares following the sale of its Israeli subsidiary. The court accepted the engineers' claim that the sale of the subsidiary entitled them to the shares, and rejected National Semiconductor's argument that the sale invalidated the engineers' eligibility to the shares.
In May 2005, National Semiconductor sold its Israeli unit to Taiwan's Winbond Electronics Corporation for $65 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 9, 2011
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